The long-running, listener-supported No Agenda Show has never shied away from dissecting the narratives that shape daily news, and its latest episode, Episode 1908 of the No Agenda Show, titled 'Chivatican,' demonstrates why that mission matters more than ever. Host Adam Curry, broadcasting from the Texas Hill Country, is joined by a brand-new guest co-host: Andrew Horowitz of The Disciplined Investor and DH Unplugged. The pair, who have known each other for roughly 15 years and share a long history with the late John C. Dvorak, deliver a three-hour media deconstruction built around tariffs, jobs numbers, artificial intelligence hype, and a hijacking mystery over Saudi airspace. It is one of the most finance-forward No Agenda episodes in recent memory, and its implications extend well beyond the show's devoted audience.
Horowitz brings a markets lens to the show's trademark narrative dissection. Among the threads unpacked: the $15 billion Mesabi Metallics / SR steel plant deal in Iowa, 'Patriot Pellets,' and the Section 232 tariffs that enabled it. The discussion matters because it exposes the gap between political announcements and on-the-ground reality. Horowitz dissects Commerce Secretary Howard Lutnick's Oval Office pitch alongside Iowa TV6 reporting that no permits have been filed and no major Lee County land has been purchased for the plant. He contrasts Cleveland-Cliffs' North American pellet dominance with Brazil's Vale, flags the Indian ownership of SR Technologies, and connects the timing to the midterms. For investors and voters alike, this kind of specificity is a reminder that industrial policy headlines often outpace actual progress.
The episode also turns its skeptical eye on economic data. Kevin Hassett's shifting commentary on BLS jobs reports, PCE methodology changes, and ShadowStats founder John Williams all come under scrutiny. Scott Bessent's bond-buying 'blunder,' private credit refinancing walls, and commercial real estate losses are examined as potential fault lines in the financial system. These segments underscore why the show's value-for-value model, powered entirely by its audience of producers, knights and dames, allows for deeper, unchained analysis than mainstream outlets typically provide. The implications for listeners are clear: understanding the mechanics behind official numbers and market moves is essential in an era of rapid policy shifts.
On artificial intelligence, Curry champions Meta's Muse assistant, predicts the collapse of traditional podcast apps, and recounts building a prototype 'while watching West Wing.' Trump's rebrand of AI as 'SI' (super intelligence) and Anthropic's reported $2 trillion IPO prospectus are also dissected. AOC, Bill Gates, Jensen Huang, Sam Altman's 'Dots' launch, Pope Leo's Chicago-accented AI remarks, and Pete Hegseth's Pentagon purge all get run through the deconstruction machine. The through-line is that AI hype often obscures more than it reveals, and Horowitz's markets perspective helps separate genuine innovation from promotional noise.
The episode's depth extends to a gripping FlyDubai cockpit stabbing incident and Netanyahu's pre-election messaging. Curry hammers the shifting official story on the flight to Tel Aviv, noting conflicting ABC, BBC and Netanyahu accounts of whether the plane dropped from 34,000 to 16,000 feet in two or three minutes, whether a knife or crash axe was used, and the now-famous Israeli plumber who allegedly leveled the aircraft. This segment exemplifies why No Agenda remains a vital alternative to mainstream analysis: it refuses to accept inconsistent narratives at face value, and its irreverent, humor-laced approach makes the deconstruction accessible.
Horowitz's investing philosophy gets its own set piece when he recounts a horseback ride in Costa Rica with his wife Jill. 'The horse doesn't want to fall off the mountain just as badly as you don't want to fall off the mountain. Hang on to the horse. It's the same thing with these markets.' That metaphor captures the episode's broader message: in volatile times, discipline and skepticism are essential. Episode 1908 'Chivatican' is available now wherever podcasts are heard, and at noagendashow.net. For anyone seeking a finance-forward, narrative-savvy take on the forces shaping politics, technology, and markets, this episode is a must-listen.
